Polygon’s MATIC is poised to jump by 20% and touch the milestone of $0.575. While a tentative timeline is unavailable, it is safe to assume that the ongoing bullish run for the token could inch it closer to the market. As of writing this article, MATIC has gained 13.26% in the past 24 hours and is currently trading at $0.5287.
The assumption of 20% growth stems from the fact that its daily active addresses and adoption rate are on the rise. There is also a surge of 116.25% in training volume. The prevailing volatility is what prevents MATIC from making any sudden turns.
An increase in whale activity may be causing optimistic speculation. The segment has reportedly skyrocketed by 16,263%. This occurred prior to the widely anticipated shift from MATIC to POL. The development is slated to occur on September 4, 2024. This will make POL the gas token for Polygon Network, further helping the ecosystem to keep the network secure and operational.
Additionally, validators will receive rewards in POL for securing the Polygon network. MATIC holders are not required to take any action on their behalf. Users can continue using the network as the migration occurs on a 1:1 basis.
That said, the near-term projections of MATIC are bullish. According to the Polygon price predictions, the token could surge by 26.81% to $0.678243 over the next five days. This will set the stage for a jump of 13.53% from the current value. Consequently, the volatility of 10.46% propels MATIC to a peak of $0.607186. The 14-day RSI is 65.93, closer to the bull run. The 50-day SMA and 200-day SMA are $0.481368 and $0.733788, respectively. This means that the token is nearing entering the uptrend. The token will be able to indicate upticks and initiate upswings if near-term projections are realized.
Weekly SMAs don’t necessarily agree with the sentiment of buying MATIC. Most of them are in favor of shedding some weight from the portfolio. Only the SMA 200 shows signs of buying the token in anticipation of a bull run in the near future. The EMA 200 is also an exception to the weekly EMA technical indicators.
Polygon aims to unlock $30 trillion in RWAs, an acronym for real world assets. The goal is to create a global opportunity for the Ethereum scaling solution.
MATIC is presumably out of the consolidation zone and on a descending trendline. There is a surge in Open Interest and long-leveraged positions over short positions. Traders are bullish about MATIC’s future and speculate a minimum of 20% gain in the days to come. The highest it is anticipated to go is $0.575, while near-term predictions project higher values for MATIC ahead of its transition to POL on September 4, 2024.
Source: https://www.cryptonewsz.com/matic-may-gain-20-percent-amid-bullish-breakout-and-market-volatility/